Broader Tax Debate Kills Small-Business Bill

WASHINGTON–Senate lawmakers defeated a bill that would have provided tax cuts
to smaller employers who hire new workers, after the legislation got caught up in the wider debate about income tax rates.

The bill itself was relatively uncontroversial: it would have provided a tax credit of up to $500,000 for firms that hire new employees or pay their existing work force more, and would have allowed companies to write off 100% of the cost of investing in some types of new equipment.